Partnership has welcomed an announcement from the Department of Health that it has launched a consultation on long-term care reforms.
The three month consultation will focus on implementing the practical aspects of the proposed funding reforms.
Norman Lamb, the care and support minister said: "Now we are unveiling proposals for how the new system will operate and what it can do to help people plan and prepare for future care costs - and over the next three months we'll be seeking people's views on making it a reality."
The consultation will seek views on areas including the involvement of financial advice, the creation of annual ‘care account' statements to project when someone will reach the cap or qualify for additional financial support and possible new financial products such as expanded life or health insurance.
Chris Horlick, managing director of care at Partnership said: "As the Care Bill has huge implications for our market, we have closely followed its progress and been involved in various discussions with key stakeholders.
"We are pleased to see that the proposed reform of social care has moved on to the next stage and the vitally important practical implications are now being considered more closely.
"At the moment, while 40% of self-funders in residential care would benefit from an existing financial product to protect their assets and ensure that they do not run out of money, over half of councils do not provide referral to a firm or panel of regulated financial advisers. It is vital that people are not only made aware of the new system but encouraged to seek regulated financial advice so they can better manage the costs that they will need to fund themselves."
